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Interim financial report

Q3 2018

Revenue on par with last year’s third quarter while earnings and free cash flow decreased. Guidance for 2018 is unchanged for revenue and EBIT margin before special items. Guidance on total investment and free cash flow is adjusted.

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Change in communication policy

regarding orders

As of 7 November 2018, Vestas has raised the announcement threshold for wind turbine orders to be disclosed in company announcements to 500 MW. The corresponding threshold for service orders will be EUR 500m.

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Vestas - Interim financial report, first quarter 2017

Revenue, earnings, and free cash flow increased compared to the first quarter of 2016. Solid order intake and combined order backlog at high level. Guidance for 2017 maintained.

Aarhus, Denmark, 2017-05-05 08:30 CEST (GLOBE NEWSWIRE) --

Summary: In the first quarter of 2017, Vestas generated revenue of EUR 1,885m – an increase of 29 percent compared to the year-earlier period. EBIT increased by EUR 126m to EUR 211m. The EBIT margin was 11.2 percent compared to 5.8 percent in the first quarter of 2016 and free cash flow* amounted to EUR 8m compared to EUR (296)m in the first quarter of 2016.

The intake of firm and unconditional wind turbine orders amounted to 2,049 MW in the first quarter of 2017. The value of the wind turbine order backlog amounted to EUR 9.0bn at 31 March 2017. In addition to the wind turbine order backlog, Vestas had service agreements with contractual future revenue of EUR 11.0bn at the end of March 2017. Thus, the value of the combined backlog of wind turbine orders and service agreements stood at EUR 20.0bn – an increase of EUR 2.0bn compared to the year-earlier period.

Vestas maintains its 2017 guidance on revenue of EUR 9.25bn-10.25bn, EBIT margin before special items of 12-14 percent, total investments* of approximately EUR 350m, and free cash flow* of minimum EUR 700m.

Group President & CEO Anders Runevad said: “Vestas delivered solid first quarter results and is as expected off to a good start in 2017 with satisfactory order intake and improved combined order backlog. I am very pleased with the underlying improvements in revenue, EBIT and cash flow, although these include positive spillover effects from PTC component deliveries. We have a lot of hard work ahead of us and maintain our guidance for 2017.”

*) Before investments in marketable securities and short-term financial investments, and incl. proceeds of EUR 99m from sale of office building facilities.

Announced wind turbine orders

Below you will find an overview of announced wind turbine orders from 2009 and until today.

As of 7 November 2018, Vestas has raised the threshold for announcement of firm and unconditional wind turbine orders: Orders with a total capacity of 500 MW or more must be disclosed as company announcements. Orders with a capacity below 500 MW may be published as news releases by the local business units and are available under Media/News.

Vestas receives 93 MW order in South Africa Vestas receives 105 MW order in South Africa Vestas received 50 MW order in China Vestas receives 21 MW order in Ukraine Vestas receives 52 MW order for first V112-3.3 MW turbines in Turkey Vestas signs orders totalling 100 MW in China Vestas wins 42 MW order for Germany Vestas receives 48 MW order in China Vestas receives 80 MW order together with MSA for a potential of up to 750 MW in the USA Vestas receives 60 MW order in the USA as part of supply agreements with a potential of up to 610 MW Vestas receives fifteenth order from EOLE-RES for 20 MW in France Vestas receives 400 MW order in the USA Vestas receives 129 MW offshore order in the Netherlands Vestas receives 50 MW order in Uruguay

Vestas receives 108 MW order in RomaniaVestas receives 23 MW order for the extension of the Bakras wind power plant in Turkey Vestas receives 44 MW order for the Kangal RES wind power plant in TurkeyVestas secures 24 MW order for four projects in CanadaVestas receives four Swedish orders totalling 59 MWVestas receives 51 MW order for the largest V112-3.0 MW wind power plant in FranceVestas receives 350 MW order in the USA with a potential of up to 636 MW moreVestas receives 50 MW offshore order for the UKVestas receives 220 MW order in the USA and increases the potential of the MSA from 750 MW to 1,174 MWVestas receives 117 MW order in JordanVestas receives 150 MW order from an MSA with a potential of up to 568 MW more in the USAVestas receives 110 MW order in the USAVestas receives 36 MW order for V90-2.0 MW wind turbinesVestas signs first order for V110-2.0 MW in EuropeVestas receives 39 MW order for the extension of the Carape wind power plant in UruguayVestas receives 36 MW order from leading German developer juwi WindVestas signs 51.8 MW orders for V100-2.0 MW wind turbines in India with Powerica Ltd.

1082344245951350502201171501103640393652

Total MW announced in Q4

1,509

Unannounced MW in Q4

623

Total MW order intake in Q4

2,132

Total MW order intake in 2013

5,964

Orders announced 2012

Date

Title

MW

Service*)

Vestas strengthens its position in Finland even further
First V100 order for China
Vestas signs 56 MW order in Italy
Vestas receives 150 MW order in the USA
Vestas receives 102 MW order in the USA
Vestas receives 82 MW order in Poland
Vestas receives 396 MW order in Mexico
Vestas wins 50 MW in Fujian, China

Fourth phase of the Chinese Mishan project firmed
Vestas receives 90 MW order in Ukraine
Vestas has won a 49.4 MW contract for China
Vestas signs 40 MW order in Nicaragua
Vestas wins another V90 order in China
Vestas receives 49.5 MW order in China
Vestas signs 55 MW order in Italy
Vestas receives its first V100-2.0 MW order in Spain
Vestas receives 90 MW order in Sweden
Vestas wins 216 MW offshore order in Belgium

50
90
49
40
48
50
55
16
90
216

√

√
√
√
√
√
√
√
√

MW announced in Q2
Unannounced MW in Q2

704
241

Total MW order intake in Q2

945

04.07.2012
04.07.2012
07.08.2012
14.09.2012
27.09.2012

Vestas receives 50 MW order in Mexico
Vestas receives 24 MW order for Ireland
Vestas signs its first V100 order in Italy for 20 MW
Vestas signs its first V112 order in Italy for 24 MW
Vestas receives order for delivery of 40 MW to Poland

Vestas receives 68 MW order for the UK
Vestas receives 36 MW order in France
Vestas receives 114 MW order in Peru
Vestas signs 27 MW order for the delivery of the first V112-3.0 MW turbines to Turkey
Vestas’ first V126-3.0 MW turbines sold to customer in Finland
Vestas receives 67 MW order in South Africa
Vestas receives 39 MW order in Italy
Vestas receives 74 MW order in South Africa
Vestas signs first 17 MW as part of a 184 MW onshore framework agreement in Denmark
Vestas receives 54 MW order in Mexico

68
36
114
27
9
67
39
74
17
54

√
√
√
√
√
√
√
√
√
√

MW announced in Q4
Unannounced MW in Q4

505
618

Total MW order intake in Q4

1,123

Total MW order intake in 2012

3,738

*) Order with service agreement

Orders announced 2011

Date

Title

MW

Service*)

07.01.2011
10.01.2011
11.02.2011
09.03.2011
29.03.2011
31.03.2011

Vestas wins a 50 MW order in China
Vestas wins German order for 38 MW
Vestas receives 44 MW order in England
Vestas to take on the first repowering project in Portugal
Vestas receives 44 MW order in Sweden
Vestas receives 150 MW order in Brazil

Vestas receives 129 MW order in Sweden
Vestas receives first North American V112-3.0 MW order in the USA
Vestas receives 99 MW order in Texas, USA
Vestas receives 178 MW order in Ontario, Canada
Vestas receives 101 MW order in the USA
Vestas receives 24 MW order in Finland
Vestas receives 267 MW offshore order
Vestas receives orders for 139 MW in the USA
Vestas receives order for 42 MW in Spain
Vestas receives 59 MW order in Michigan, USA
Vestas marks first sale in the Ukraine
Vestas returns to Hainan province with a new order for 48 MW
Vestas receives 168 MW order in Australia
Vestas receives 96 MW order in Sweden
Vestas receives order for 52 MW in Spain
Vestas receives 254 MW order in Brazil
Vestas receives 69 MW order for Sweden
Vestas signs 24 MW order with VSB Energies Nouvelles in France
Vestas enters Pakistan with 50 MW order from the Zorlu Energy Group
Vestas receives 54 MW order in the UK
Vestas signs contracts with EDF EN for 62 MW in Italy and Germany
Vestas signs 51 MW order in Poland

Orders announced 2010

Date

Title

MW

Service*)

Vestas receives 80 MW order for Germany
Vestas receives order for V90-3.0 MW turbines in Canada
Vestas receives 99 MW order for the USA
Vestas China in new partnership with Shanghai Huitong Energy Co. Ltd.
Vestas signs contract for 34 MW in Italy
Vestas receives order for 42 MW for France
Vestas receives order for 25 MW in the Dominican Republic
Vestas receives 145 MW order for the USA
Vestas China wins 50 MW order for Heilongjiang province
Vestas receives its largest single order in Australia

First order for the V100 turbine in Vestas Mediterranean
Valued German customer places order for 40 MW
Vestas receives order for 23 MW in Italy
Vestas receives 63 MW order in Sweden
Vestas’ mature and reliable technology a key consideration for Chinese customer
Vestas receives record-setting order — 570 MW in California, USA
Vestas receives 32 MW order in Sweden
Vestas receives order from leading Chinese wind energy developer
Vestas receives 66 MW order in the United Kingdom
Vestas lands order for the largest wind power project in Australia – with the new V112 turbine ...
Important customer puts its trust in Vestas’ products and services
Business case certainty delivered by Vestas’ kW-platform remains attractive
Vestas receives order for 40 MW in India
Vestas signs global order for 400 MW with an option for an additional 1,000 MW
Vestas receives order for 54 MW in Italy
Vestas receives 58 MW orders in Poland
First order for new V112-3.0 MW turbine in Europe
ENERTRAG orders seven units of the Vestas V112-3.0 MW turbine

Orders announced 2009

Date

Title

MW

Service*)

16.01.09
28.01.09
02.02.09
27.03.09
31.03.09

Vestas receives large 3 MW order for Romania
Vestas signs contract for 26 MW in Italy
Vestas receives 24 MW order for the French market
Vestas signs contract for 33 MW in Turkey
Vestas receives 74 MW order in Italy

201
26
24
33
74

√
√
√
√
√

Total MW published in Q1

358

01.04.09
24.04.09
29.04.09
09.06.09
11.06.09

Vestas receives order for 228 MW in Romania
Vestas sells 50 MW of wind energy to China
Vestas receives order for V90-3.0 MW turbines in Canada
Vestas receives 51 MW order in Poland
Vestas receives 24 MW order for Hungary

228
50
69
51
24

√
√
√
√
√

Total MW published in Q2

422

06.07.09
10.07.09
30.07.09
31.07.09
07.08.09
26.08.09
19.09.09

Vestas receives 34 MW order to China
Vestas receives orders for 75 MW to China
Vestas receives 165 MW offshore order in Belgium
Vestas receives order for 82 MW in Cyprus
Vestas receives order for 111 MW in Australia
Vestas receives order for 77 MW for Spain
Vestas receives order for 99 MW in India

Vestas signs contract for 58 MW in Italy
Vestas receives order for 102 MW in Mexico
Vestas receives first order for its made-for-China wind turbine
Vestas receives 140 MW order for Bulgaria and Romania
Valued Chinese partner shows confidence in Vestas product line
Vestas receives 34 MW order in Sweden
Vestas receives 96 MW order for Poland
Vestas receives order for 48 MW in Spain

58
102
49
140
40
34
96
48

√
√
√
√
√
√

√

Total MW published in Q4

567

Total MW published in 2009

1,990

*) Order with service agreement.

Announced service orders

Below you will find a list of announced service orders from 2012 and until today.

As of 7 November 2018, firm and unconditional service orders with a value of EUR 500m or more must be disclosed as company announcements. Firm and unconditional service orders with a value of less than EUR 500m may be published as news releases by the local business units and are available under Media/News.

CA-Vestas signs renewal for service contracts for 192 MW with FRI-EL Green Power
in Italy

15

AOM 5000

192

15.10.2012

CA-Vestas secures 533 MW of service contract renewals at eight Canadian wind
power plants

10

AOM 4000

533

Total announced service renewals in 2012

3,258

NR = News Release
CA = Company announement

Rules of disclosure

As a listed company on Nasdaq Copenhagen, Vestas is obliged to ensure that everyone has equal access to essential information on Vestas that may significantly affect the price of the Vestas share. Information is provided through company announcements, e.g.:

Announcements of firm an unconditional service orders with a value of EUR 500m or more

Announcements of market penetrations

Announcements of establishment of new production facilities

Incentive schemes

Major shareholder announcements

Share-sensitive information must be published quickly and, wherever possible, at the same time throughout the EU and EEA.

Information on other essential issues that is not subject to the rules governing Danish listed companies will be provided through news releases.

Distribution

In order to ensure that Vestas Wind Systems A/S fulfills its stated obligations, we have entered into an agreement to distribute all company announcements, press releases, and financial reports from Vestas Wind Systems A/S via the distribution service GlobeNewswire.

Press releases and other news from Vestas Wind Systems A/S and the local business units are available on the Media page under News.

Subscribe to news from Vestas

If you want to subscribe to company announcements and/or news releases from Vestas Wind Systems A/S, please sign up here.

Firm and unconditional orders

Announcements of firm and unconditional wind turbine orders with a capacity of 500 MW or more. In this context, firm and unconditional orders are construed as:

all ”conditions precedent” (CPs) must have been met, including the condition that Vestas is under an obligation to deliver the goods, and that the customer has an obligation to accept the goods and to ensure that financing is in place,